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Financial Aid

Student Consumer Information
 
FINANCIAL AID OFFICE MISSION: The Mission of the Financial Aid Office is to assist students in obtaining financial aid for their college education while complying with all federal, state and institutional regulations by offering the optimum in customer service to students, parents, staff and outside agencies.

WHAT IS FINANCIAL AID? Financial aid consists of funding provided through federal and state governments and institutional sources to help cover educational expenses. This funding consists of grants and scholarships that do not have to be paid back to the provider and loans that have a variety of repayment options.

CONSUMER INFORMATION: Liberty University, as permitted by federal regulation, now uses electronic means to disseminate required student consumer and “Right-To-Know” Act information. Anyone signing or processing financial aid forms, seeking financial aid information or assistance, or seeking consumer information at Liberty University must read, understand, and comply with the requirements disclosed which are available 24 hours a day at www.liberty.edu/financialaid.

By the rules and regulations set forth from the government in the Federal Student Aid Handbook, Volume 5, Chapter 2, pages 5-97, federal regulation 34CFR 668.22(i) states:
 
A school must return Title IV funds to the programs from which the student received aid during the payment period or period of enrollment as applicable, in the following order, up to the net amount disbursed from each source:
Unsubsidized Federal Student loans
Subsidized Federal Student loans
Unsubsidized Direct Student loans (other than PLUS loans)
Subsidized Direct Student loans
Federal Perkins loans
Federal PLUS loans
Direct PLUS loans
Federal Pell Grants for which a return of funds is required
Academic Competitiveness Grants for which a return of funds is required
National Smart Grants for which a return of funds is required
Federal Supplemental Educational Opportunity Grants
(FSEOG) for which a return of funds is required
 
LENDING STATEMENT: While Liberty may recommend some student loan lenders based on specific criteria and strong customer service, students may borrow through any lender that participates in the Student Loan Program. Liberty University encourages students to borrow only what is absolutely needed. Excessive borrowing leads to debt(s), resulting in very large monthly payments in the future.
 
LISTING OF INFORMATION REQUIRED TO BE DISCLOSED UNDER THE STUDENT
RIGHT-TO-KNOW ACT (as amended October 1, 1998)
 
General and financial aid information on:
  • Need-based and non-need-based financial aid available to students (includes federal, state, local, institutional, etc).
  • Applying for financial aid
  • Distribution of financial aid among student by the College
  • Disbursement of financial aid
  • Terms and conditions of any employment
  • Terms of, schedules for, and necessity of loan repayment and required loan exit counseling
  • Criteria for measuring satisfactory academic progress, ramifications of failure to meet standards, and reinstatement of aid
  • Information on the prevention of drug and alcohol abuse
  • Information on financial aid for study abroad programs
 
General Information about the school:
  • Names of school associations and governmental bodies that accredit, approve, or license Liberty University
  • Special facilities and services available to Disabled students
  • Cost of attending Liberty University
  • Refund and withdrawal policies
  • Degree programs, training, and other activities
  • Availability of a GED program (if applicable)
  • Facilities, laboratories associated with academic programs
  • List of faculty and other instructional personnel
  • Contact information for financial or general questions
  • Job placement rate data (if applicable)
  • Voter Registration
 
Campus security information on:
  • Information related to preventing Violence Against Women on Campus (see the Campus Crime Report)
  • Campus crime report distribution
  • Timely warning and listing of crime occurrences by category
  • Campus security contact and authority information
  • Procedures for reporting crimes
  • Types and frequency of training programs for students/employees in crime prevention
  • Monitoring and recording policies of crimes with (for example) local police agencies
  • Policies regarding the possession, use, and sale of alcoholic beverages, drugs, etc.
  • Description of drug and alcohol-based educational programs
  • Information on the sexual assault prevention program
  • The Campus Security Report is reevaluated annually by the Student Life Office and submitted (annually) to the U.S. Department of Education.
 
Student Right-To-Know Act:
  • Program completion and transfer-out rates
  • Family Educational Rights and Privacy Act
  • Equity in Athletics Disclosure Act
  • Athletically-related financial aid information
  • Loan counseling
  • Drug and alcohol abuse prevention information and materials
 
LOCATING FREE STUDENT CONSUMER INFORMATION
 
Many publications on campus provide necessary consumer information for student use as required by the federal government. The following is a list of those publications:
 
  • Federal Financial Aid Handbook
  • Federal Funding Your Education Guide
  • Liberty University Admissions Application
  • Liberty University Bill
  • Liberty University College, Graduate, Law, Seminary Catalogs
  • Liberty University College, Graduate, Law, Seminary Viewbooks
  • Liberty University Faculty and Staff Employment Handbooks
  • Liberty University Financial Aid Notice of Award
  • Liberty University Resident Financial Aid Brochure
  • Liberty University Student Aid Guide – LU Online
  • Liberty University Student Aid Guide – Resident
  • Liberty University Student Life Handbooks and Policy Information Statistics Act
  • The Jeanne Clery Disclosure of Campus Security Policy and Campus Crime
  • The Student Right-to-Know and Campus Security Act Report
  • Website: http://www.fafsa.ed.gov
  • Website: http://www.liberty.edu
  • Website: http://www.luonline.com
  • Website: http://www.pin.ed.gov

AVERAGE INDEBTEDNESS: The average student at Liberty (at the time of graduation in May 2007) has borrowed $21,171 of loans through all student loan programs. Using an estimated 7% interest rate over a ten year repayment, that student would make payments of $246 per month.

2008-2009 Financial Aid Award Notification --- Terms and Conditions Concerning Your Financial Aid:

We are pleased that you have chosen Liberty University to pursue your education. Our goal is to help you secure financial aid to help cover as much of your educational expenses while studying at Liberty as possible. Anyone seeking financial aid information or assistance, or seeking consumer information at Liberty University must read and comply with the requirements and information disclosed at: www.liberty.edu/financialaid.
 
All Resident Student institutional aid is dependent upon completion of the FAFSA (Free Application for Federal Student Aid) and Verification (if selected).  Failure to complete these items will eliminate institutional scholarships.
 
1.     The listed financial aid awards are estimates only. Some reasons that cause award changes include:
  • Updating grade level, program of study, credits that you are currently attempting, or housing.
  • Receiving additional monies from sources not listed on your Financial Aid Notification letter (i.e. State Grants, private scholarships, Direct-To-Consumer Loans, vocational rehabilitation, veterans’ benefits, etc.).
  • Adjustments made because of inaccurate, incomplete or conflicting information.               
2.     The estimated awards listed on this letter (based on anticipated housing status) are calculated based on the assumption that students will be enrolled as follows:
  • Resident Undergraduate and Law: Full-Time, Fall/Spring
  • Distance Learning and Graduate (non-Law): Equal-To-Or-Greater-Than-Half-Time, Fall/Spring/Summer
3.     RESIDENT STUDENTS: The combined total of federal and state grants with Liberty institutional aid, excluding the Federal Pell Grant may not exceed the actual cost of tuition plus room and board (using a room and board amount of $5,800 for students living on campus) or tuition (for students living off campus). If aid exceeds this calculated amount, Liberty University institutional aid will be reduced.
 
LUO AND RESIDENT STUDENTS: For recipients of institutional aid (and discounts) like Continuing Education and Dependent Grant-In-Aid, and various others such as Resident FCA/LCA/Temple/TCS, who qualify for federal or state grants, the tuition scholarship will be reduced by these federal and state grant amounts.
    
4.     Any financial aid (such as grants, scholarships, or loans) not listed on this award notification must be immediately reported to the Financial Aid Office and may change existing financial aid eligibility.
 
5.     To receive financial aid, all students must maintain the minimum standards of Financial Aid Satisfactory Academic Progress. These standards are published on-line at http://www.liberty.edu/financialaid.
 
6.     To receive a federal student loan, including loans that may be shown as a credit for Financial Check-In, you must have a valid Master Promissory Note (MPN) and an Entrance Interview on file. These requirements may be fulfilled on-line at www.liberty.edu/financialaid. Students awarded Federal Stafford Loans must be enrolled AND ATTENDING on at least a half-time basis before funds will disburse to the student’s account.
 
7.     ESTIMATED Disbursement Dates: Some financial aid will be disbursed based on actual attendance, not on registration. For more information go to www.liberty.edu/financialaid and click on “How Disbursements Work.”

STUDENT
AID TYPE
WHEN AID IS GENERALLY DISBURSED
LUO
Military Book Vouchers
Military Book Vouchers are disbursed beginning 45 days before the student’s first class starts.
Resident/Law
Federal Pell Grants
Federal Pell Grants are disbursed proportionately based on credit hours attended. Generally, they are disbursed 10 days prior to the student’s first class.
Resident/Law
Federal Loans
Federal Loans (for students attending half-time or more) and electronically processed alternative (private) loans generally disburse on the first day of the student’s first class.
Resident/Law and LUO
Institutional Aid and VTAG
Institutional Aid, VTAG, and Scholarships generally disburse on the first day of the student’s first class.
LUO
Federal Pell Grants
Federal Pell Grants disburse proportionately based on credit hours attended. Generally, Federal Grants disburse on the first day of the student’s first class.
LUO
Federal Loans
Federal Loans (for students attending half-time or more) will disburse approximately 17 days after the date that the student actually begins the class that brings them to half-time enrollment.

8.     Lender Choice: Students and parents are encouraged to borrow from any participating lender of their choice. The Liberty University website provides helpful information and links to assist students. However, Liberty University employees are not authorized to, and therefore cannot, recommend any particular lender.
 
9.     This notice replaces any previously issued Financial Aid Award Notification letters.